>> from the heart of where innovation, money, and power collide in silicon valley and beyond, this is bloomberg technology with emily chang

. emily: i am emily chang in san francisco. in the next hour, microstrategy makes another $10 million bet on bitcoin even as cryptocurrencies continued to slide. plus, nft sales getting a new look for the year. -- hitting a new low for the year. we will discuss. subscribing to snapchat here with the social media company announcing a new monthly subscription to premium content. but what does premium content look like on snap, and will customers pay $3.99 a month? moderna co-founder will join us to talk about the future of omicron-specific boosters, and why he is taking on the fight against climate change. we will get to all of that in a moment. tech stocks ending in the green, snapping two straight days of

losses amid choppy trading. ed ludlow is here with all the moves. ed: you look at the s&p 500, we are down for a third straight day, potentially flat as a floppy disk. the nasdaq 100 is up. if there was real pain, it was in semiconductor is. just some space. the semiconductor index, which we will come onto in a minute -- it is interesting if you look at the u.s. 10 year treasury. the yield coming down by eight basis points. that did not do much to support stocks. there was a lot of fed speak. jay powell on the bloomberg panel in europe saying that the economy is strong and it can withstand crisis. the fed raising rates to fight inflation the concern being if the rates rise to quickly come into being an increment, take a breath into recession. it is nice on a daily this where things are not moving with fiction in any direction to ask -- with conviction in a

direction to ask where we are. look at the nasdaq 100 year to date. kind of hit the bottom for this index on june 16. and we had a rebound, but you see some big names on wall street like j.p. morgan still revising earning estimates. we are entering into that key earnings period and we should get a better sense of how the world feels about markets and about the strength of the consumer. in terms of companies moving to the downside, the laggards on the nasdaq really caught my eye. tesla is down 1.8%. we had that scoop on tuesday about tesla laying off 200. that seems to be weighing on the stop. airbnb is down 3.7%. the travel sector was week on --weak on wednesday. the chipmakers are really leading the laggards. bank of america reminding us really that this is a boom and blessed -- boom and bust industry and we could be headed for a down cycle,

especially with higher rates, inflation such as it is. emily: michael sailor is doubling down on bitcoin. microstrategy buoying testifying about $10 million at the height of the crypto market collapse. according to the s.e.c., microstrategy purchased the coins between may 3 and june 28 for about $20,000. katie greifeld is with us now to discuss. not necessarily a surprise, given our last interview with michael, but now even below 20 k. katie: it is so fascinating. the fact that you were getting this big whale buying at a time when no one else is. he is a true believer, michael, so maybe not surprising in this sense, but a little interesting if you look at the details. this microstrategy's smallest bitcoin by in over a year. microstrategy owns 100,000

-- 129,000 bitcoin. the average price for all of those purchases is $30,000. microstrategy is well underwater on this bets. michael sailor is known as the biggest corporate advocate of bitcoin. truly, his actions are backing that up. whether that will pay off remains to be seen. it is good news in the stock market that he does stick to his word. emily: here is a clip from my interview with sailor a couple of weeks ago. the first question -- any regrets? listen to what he has to say. michael: the bitcoin strategy is 10 x better than any alternative, so i don't regret it. we have $2.8 billion worth of bitcoin on our balance sheet right now. we are positioned well for when the markets turn around. our only other choice would be to give all the capital back to the shareholders, in which case we would have nothing and we would be struggling to get by without any assets.

emily: 10 x better than any alternative? he is thinking in the really long-term. short-term, how is bitcoin standing up to all coins and the -- alt coins and the alternatives out there to mark katie: a really crude way to think about bitcoin is sort of the amazon or the apple of the crypto sphere. this is the biggest coin out there, attendance to move less than other points. you saw that today it i i think i heard "flat as a floppy disk." .3%. if you look at some of the altcoins, they are more like speculative tech stocks. we sought to fall almost 5%. -- ether fall. almost 5%. this is what you typically see on the downside and the upside. when bitcoin moves higher, it is the altcoins that lead the game. the same is true on the downside

when you do have a big draw down in bitcoin, it tends to be even bigger out the risk curve. emily: you have to bitcoin believers, the folks who are never going to give up on nft, and yet nft's continuing to fall. would you say we are past the peak? katie: it is a good question. just looking at the data, you are going to get a thousand different opinions. you look at the biggest nft marketplace out there -- this stat was in the bloomberg article. sales volume has fallen 75% since may. it is at the lowest level since july 2021. perhaps some of the air is coming out of the nft bubble. whether this is approaching the bottom remains to be seen. this is what crypto winter looks like. you tend to see a shakeup like this. emily: it is called indeed. the deadline to rule on

desperate u.s. regulators to rule on converting a bitcoin trust into a spot etf is coming up. what are we expecting? katie: i cover crypto and cover etf's, and the consensus is that this is going to be a denial, that the s.e.c. will not allow the conversion. it is not a structure that exists in the u.s.. i crunched the numbers on what that would mean for grayscale, if this fund were to convert into an etf -- right now, as a trust, it is able to charge 2%. if you multiply that by the assets under management, that works out over $230 million in revenue per year as a trust. if it converts to be an etf, 2% is very high for an etf. one of the most expensive crypto etf's out there charges a fee of less than 1%, so even if they

get a win in the next week, that would mean hundreds of millions of dollars lost in revenue, and we are in crypto winter. emily: what are you going to be watching tomorrow? katie: the fundamental's of the u.s. economy, looking at core cpe figures. bitcoin tends to move along with stocks. stocks are absolutely moving with inflation. emily: katie greifeld, thank you for telling us what is on your radar. coming up, the cofounder of moderna joins us. as the pandemic moves into yet another face. -- another phase. plus, how the newest ruling from the u.s. supreme court could impact climate change and his portfolio, up next. this is bloomberg. ♪

emily: on thursday, the u.s. supreme court is set to issue a major decision that will impact the power the u.s. government has to tell companies to reduce in-house gas emissions. -- greenhouse gas emissions. as we wait for the decisions, many tech companies have been taking it upon themselves to reduce their carbon footprint. one company has carbon removal technology backed by venture capital company flagship new pioneer.

the ceo of that has been en marche! out many times, he is also the cofounder of moderna. i want to talk to you about indigo agriculture. what is the dent you expect it or hoped this will make in the climate fight? noubar: thanks for having me. this is a very exciting day today, because it is really the first time a certified carbon credit has been issued against basically output from farmers. while today, we announced when -- 22,000 tons of certified carbon being captured, that really can scale and scale rapidly, we think. it really is a proof point. there are probably several orders of magnitude, hundred thousand so far, they can be expected from this. i think that agriculture is a very interesting way to think about capturing and storing

carbon and creating returns for farmers, which is also a very important part of the circular economy aspect of. emily: we are bracing for yet another supreme court ruling, this one on whether the epa has the authority to tell companies to regulate greenhouse gas emissions. what are you bracing for and how could this impact your new venture? noubar: certainly i think we see a lot of mixed signals when it comes to how consistently we want to make sure that corporations and other entities are being responsible for their carbon footprint. certainly, the momentum has been in favor of more and more responsibility, but i think that regulation aside, the vast majority of companies are taking it upon themselves. today's announcement by indigo involves 11 major brands that have just stepped up and associated with the work the

farmers do, $40 per ton of carbon, which is twice what it was a year ago. we think these incentives that will drive the creation of these credits will be part of the solution. and i think corporations might be forced to do it, but they also may choose to do it because it is the right thing to do, and it is scalable. emily: regulatory advisors just recommended that shots from moderna and pfizer be updated to target omicron. what are the next steps for moderna here, and how will your concoction be different than what pfizer has to offer to mark -- has to offer? noubar: the context switch is sudden but memorable for me, emily, because we are talking about the health of the planet and also the health of the inhabitants of the planet, so for us it is all the same thing from the point of view of the science and the innovation. specifically, to your question, clearly we have been caught up in this battle for two years now

between a virus in the human technology to combat it. as the virus adapts, we have had to adapt our own vaccine to be able to stay ahead of it and provide immune protection. we showed in yesterday's hearing with the fda that the data we are generating out of a bivalent >> that is to spiked proteins- will be valid for what is coming in the fall. we need to work with the authorities, making sure we put in place what will be the next vaccine that is going to be is. certainly, yesterday's vote encouraged omicron to be incorporated into that. we are ready to ramp up production and be ready by early fall to provide the vaccines needed for protection. i think a lot of people are tired. everybody is tired of this pandemic.

the fact is the virus does not get tired and we are going to have to stay vigilant, no matter how tired we get. emily: we are tired, i agree, and also waiting on boosters and guidance on boosters. it has been kind of confusing, the messaging from the u.s. government. you said early fall. is that the soonest? when do you think omicron-specific shot will be going into the arms of americans . noubar: pending working out with the fda and other authorities the final vaccine composition we are going with -- there is a little bit of it that begins to look like early versions of what we have done with seasonal flu, where there has got to be a definition set on what the next vaccine looks like. but once that is done -- we think the sooner that is done, the sooner we can get on course to manufacture significant quantities. we're are looking at as early in the all as we can. late september would be great.

it depends on when the go-ahead is given. that will affect it. we certainly have plans to be able to move very, very clear. -- quickly. emily: covid vaccines are starting to roll out for kids. i'm curious how you think that campaign is going. we have seen a slow vaccination campaign under pediatricians. what would it take to make parents less hesitant to get this done? noubar: it took a while to get to this point, which is unfortunate, because during that time, people were exposed to any number of conflicting points of view, and everybody seems to have a view about any number of topics that relate to public health even though there are public health professionals that i would say are much more prepared and qualified to guide what it is we are doing. i think it is going to take a little bit of time for people to get the right information. the fact is, rigorous testing has been done. protecting the youngest kids

from getting acted is not only -- infected is not only important for their health, but the health of the people surrounding them and the people who want to be with them. i think that overall, we care about our kids health, and this is a very important next step. the other thing you have to keep in mind, and this i think is getting lost in the mission boards that seem to be going on, is that just getting covid, let alone getting it over and over again, is dangerous. i think we think of this as a cold. we get it every year. big deal. there is no evidence that the way this disease plays out -- quite the contrary. there is evidence it has long-term effects. i don't see that that is going to be different once young kids get this. we have to be less cavalier about it and do everything we can to prevent it, at least until we learn more about the disease. emily: we got a new headline

that pfizer and biontech are going to get an extra $3.2 billion from the united states for covered -- covid vaccine development. are you expecting more money for moderna as well? noubar: i cannot comment on that . emily: let's talk about the national bio defense strategy. have you spoken with the biden administration on this and what will could flagship be? the hope is that at some point this pandemic abates, but we will be facing other threats. noubar: we have indirect conduct -- contact through a number of channels and i am happy to see more discussion of this new notion about security. this is something we have talked about for three years, and preceding the pandemic. we do think we need to elevate our health to a matter of security, not just care. it is not enough that our health is under attack and we try to then do something about it we have to get ahead of it. health security, whether it be

pathogen threats or a lot of the pandemics we are attacked by everyday -- whether it is cancer or alzheimer's or obesity or any number of diseases -- all of these are the same kind of threat that can take down our lives, take down our health, and we need to get ahead of it. health security, bio defense -- all of that is part of a comprehensive solution. i hope and expect that the kind of damage this pandemic has done will be at least converted into some long-term, lasting value to society, just like major wars have led to significant aftereffects that have been good for mankind. i expect that to be the case in this case, through a more serious effort at preparedness and prevention. emily: really appreciate all the work you are doing, and her team, on the front lines, to keep us all safe, and now to fight climate change as well.

noubar afeyan, you will be back. -- good to have you back. coming up, the iphone turns 15. we are going to assess its

emily: the iconic iphone turns 15 today. steve jobs changed the phone and app landscape forever, and partially the world. for more, i want to bring in mark gurman, who covers all things apple. it is hard to overstate just how much the iphone has changed a lot of things in the world. how do you assess the impact of this one particular product, and the future impact on the apple

ecosystem? mark: i think the iphone is more than the iphone, even for apple. if you think about the company that exists today and where they get their sales, their revenue, and the major elements of their business -- it all stems from the iphone. but what came from the iphone? the ipad, the app store, news plus, tv plus, apple arcade, cloud -- all of those things work hand-in-hand with the iphone. the peripheral products the , apple watch, the apple tv those are very , iphone reliant. apple is the iphone company, because it not only is their biggest seller, but it needed to exist for all of their other product exist. apple might as well rename themselves iphone inc.. you see what it has done for the world. people cannot focus on screens in a movie theater anymore.

everyone is glued to their phone constantly. people can do anything on their phone, whether it is iphone or samsung. it all stems from the iphone. emily: where is the next 50 -- years of growth going to come 15 from for apple? are we going to be using phones, an ar headset, a recurrent revenue from services? mark: i think there will be a place for a handheld device you in your pocket or bag. i think maybe you will see people wean off of tablets and laptops more, and the iphone become that sort of desktop and the phone shifts to the wrist and the a or glass. i think the iphone will have a place 15 years from now still. but you will see that, to use the steve jobs analogy, the iphone become the truck, and the ar glasses and watch become the cargo. so i still think there is a place for the phone.

emily: mark gurman covers apple and will be reporting on all those 15 years. coming up snap's brand-new ,subscription service. we will discuss, and we will talk about the annual users conference fresh the company's move from silicon valley to texas. this is bloomberg. ♪

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emily: subscribing to snapchat.

snap is offering quote, 'exclusive and experimental features.' kurt wagner joins us now to discuss. we have seen the struggles that netflix is having. why is snap moving into this business? kurt: you will recall twitter did this as well. i think this has to do with the fact that these are advertising companies. it has been a tough year with everything happening with apple and the tracking changes, and i think these companies that mostly built their business around advertising or realizing it is not always in their control, not always in their hands. it is good to have other forms of revenue, even if they are small, to counterbalance that somewhat. you are seeing social platforms start to tinker with subscriptions. emily: what kind of premium content do i get for $3.99 a month? kurt: it sounds limited. you can change your app icon and

prioritize certain messages and maybe in the things you use regularly. i don't think it is the kind of thing the vast majority of but will want to use. similar to twitter, it is more a power user, someone who does all or most of their communication on snap. maybe that is worth a couple bucks to you. emily: will we see other strategies from similar companies? kurt: i think so because of the advertising thing. if you are an advertising business, you have to say, what can we control? there is a lot you cannot, as we learn from the pandemic and from apple. you are going to see the facebooks and other of the world maybe it is not subscriptions, , but maybe it is commerce or other types of revenue streams beyond advertising. you heard mark zuckerberg last week talk about the metaverse and how he wants people to shop and buy clothes for their avatar. that is not advertising in the way we think of with meta or facebook. it is a different kind of revenue, but i think it is

aligned. emily: are people going to be paying for close for their -- for clothes for their add -- avatars? do you believe this? kurt: i believe people -- yes, i believe people will buy things for their avatars. i don't know if it will be widely used by people at least early on, right to mark if -- right? if suddenly you and i are having this interview in the metaverse and i am working from home and you are working from home, i'm probably going to wear something nicer. emily: that is an interesting use case. kurt, thank you. after two years of virtual conferences, hpe's annual edge two cloud -- edge two cloud congress is back in person in las vegas. people talk about innovation as the company leans into its everything as a service business strategy. the ceo antonio neri joins us to

, bring us the latest from vegas. it is great to have you back with us. it seems everything on people's minds right now is the economy. what are you hearing from customers? how worried are they? how is this potentially impending recession affecting them? -- impacting them. antonio: first of all, thank you for having me. it is a great day to be here with more than 8000 attendees. it has been an amazing couple of days, where the energy is unbelievable. being together is unique. one feedback i got from customers is this time around feels totally different there is a sense of excitement. what we heard from them that the power of digital transformation, they need solutions for the data. they are concerned about what happens next but i think it is more of a consumer phenomenon than an enterprise phenomenon. emily: how is that impacting your outlook?

do you think a recession is inevitable? you have to be planning for that scenario. antonio: of course we do base planning scenarios for what comes next, but i have to tell use of we continue to see the market is incredibly strong. this event is a catalyst to continue to put down that momentum. we showcase amazing innovation and delivery of innovation. three years ago was the last conference in vegas. we can offer everything as a service. but as i think about the megatrends related to the need to connect, the need to deliver a cloud experience for local data -- i keep saying we are data rich but insight for. -- insight poor. we need to consume ideas anymore -- in a more civil way. that is more than the consumer spend. emily: you have cloud providers

fighting for industries and companies that have not yet moved their data to the cloud. which companies are these, and how does hpe win their business? antonio: from the get-go, our goal was to provide a hybrid experience for your data. that is clear. when you talk to partners and customers, at the same time, the goal is to drive a data-first modernization. data has tremendous value, more value than we ever imagined before. what customers are going through a multi-generation journey, and a hybrid experience. as customers think about compliance issues, regulatory issues, cyber issues and costs, they need a platform to be able to conduct their business over wherever the data leaves.

hp three link -- hpe link is essential. they realize they can live in a multi-cloud world, whatever cloud environment they use, but also complement with an amazing set of solutions, more on the edge. i think it is fair to recognize that 70% of the data is outside the public cloud. 50% is on the edge. more than 30% of the data needs to be processed real-time. that is the opportunity. emily: hpe is one of the largest companies that has moved its headquarters from silicon valley to texas. it really looks like we are seeing and inflection point in american social and political history right now. what do you have to say to employees who might be upset that they have now moved to texas and they cannot access an abortion? antonio: first of all, we decided to move her to texas a thus headquarters to texas a couple of years back, during the pandemic, because i was in the

process of building a space on site for our system-based employees. i thought the opportunity to attract and retain talent, the opportunity to create to really amazing sites, one is san jose and one is in houston, texas. a lot of the operational backup takes place. at the same time, when you talk about the social challenge, i am an immigrant who has been living in the united states for more than 23 years. i have to tell you i am incredibly disappointed. politics is not about a specific state or the other, but when we saw what we saw last week, we as a company felt compelled to stand up and fight for women's choice, meaning giving them the choice of what is right. as a company, we offer amazing benefit where we actually pay for all the trouble for the medical needs that they have if they decide to make that choice.

emily: have you had any read considerations about hpe's decision in light of the changes to the social and political landscape? are you hearing anything from employees who made the chance to move to mark are they -- the chance to move and now are they reconsidering? antonio: not at all. i do business in 170 countries and have is this people working all over the world. obviously, we want to hear their voices, but at the same time, we tell them go to the booth and vote. for what you think is the right thing based on your view of the issues. we understand that sometimes we run into a polarized view. at the same time, we cannot embrace every individual issue because whether it is one thing in the united states, we also do business in the rest of the world. but what we found out is what is

core to our purpose and value. we all live and work and we need to be a force for good. as a leader of this company, that is how i guide myself emily: you also have employees who want to move him california to texas. it works both ways. from your conference in las vegas, thank you for stopping by. coming up, we are going to get a deal for institutional sentiment about crypto with the falcon x ceo coming up with me next. this is bloomberg. ♪

emily: time for our crypto report. losses deepen. where does institutional sentiment stand? i want to bring in raghu yarlagadda, from falconx, which focuses on institutional investors. where is sentiment right now? raghu: definitely, there is fear . institutions are being cautious. they are not taking bets. they are focusing on modeling strategies without taking a directional bet. the second point that institutional's are feeling is the idiosyncratic risk that is coming from the liquidation cascades we have seen in the space in the last two months. that is definitely affecting crypto.

most of it i think has fleshed to the system. we want to be really careful as a segment. last but not least, there is a high correlation to risk on assets, specifically tech stocks. i think that will continue for the next few quarters at the least. if you look at the long-term, we have seen the highest number of customers on board, the highest activity on the platform. that is to say that institutional interest in the long-term for digital assets continues to be strong. emily: meantime, you have microstrategy buying more bitcoin. what do you make of this maximalist strategy versus other options out there? raghu: for a large part of 2021 and continuing into 2022, we have seen a lot of institutions go beyond that.

in the later part of 2020, it was all centered around it could, but most institutions diversified beyond bitcoin into ethereum and some of the other altcoins. that said, the microstrategy buy is symbolic, that despite -- is a strong signal that despite the market conditions they are willing to double down. some institutions can stand the systemic risk if microstrategy is making the acquisition. so that signal is creating very good sentiment in the market. emily: how is global sentiment evolving? how is it different in the u.s. versus hong kong versus australia? raghu: the interesting part is over the last month or two months, we are seeing big divergence between different markets. the u.s. is definitely trending toward a more cautious side.

asia is not as cautious as the u.s., which means there are still exploding altcoins. more broadly, institutions are not taking directional bets. the price numbers we are seeing are largely stemming from the retail side of nation. -- retail side of the equation. in summary, the u.s. is one side. asia is more aggressive. holistically institutions are , being more cautious. emily: you recently raised a hundred $50,000, a new round of funding. as i understand it, this funding came together in just a couple of weeks. how did you manage to pull this off in a very abysmal market? raghu: the market conditions in 2022 were very different, emily, to your point. yes, this is a very recent round, two or three weeks but.

again, the big hypothesis that us and some of the highest quality investors are seeing -- the hypothesis is that crypto, for the first time, objectively proved that you could create banking, credit. all of these services, truly global. no company, no country so far has objectively proved that could be possible. and crypto has done this with a trillion dollar scale. that is what we see in terms of the future of finance right? a lot of valuables going to be tokenized. as a result, despite the very tough market conditions, we remain profitable as a company. q1 had the highest number of customers and the highest engagement on the form. -- on the platform. that actually is because of this transformation.

we think equities and markets in the next five or 10 years will be tokenized as well, and institutions will want to play. emily: where do you stand? are you a maximalist or more of an ethereum and other corn kind -- other point kind of guy. raghu: [laughter] in some ways, you can compare these two marketplaces. every marketplace has economies of scale. bitcoin has the biggest network effect compared to any other cryptocurrency. that being said, i don't think bitcoin alone cater to every single use case that is out there. so definitely i do think the world is bigger than bitcoin, but i do not think it is 5000 tokens. we could have a heavy equation with five or 10 getting the lead. emily: thank you

for sharing your position with us. coming up, the ceo of betterment joins us to talk about all the market volatility and what it is like starting a company in the last downturn, and their plans for crypto, next. this is bloomberg. ♪

emily: let's get back to the markets are they largely flat they. investors and consumers waiting to see if prices will come down and recession will be avoided. i am joined by betterment ceo sarah levy. i know a lot of your customers are affluent millennials that have a bit of money in the bank, some assets to move around. how are you advising them at this time? sarah: it is interesting because philosophically we have always believed in long-term

diversification. attract a client base that believes in that philosophy and stays the horse. the stays the course. in general, our advice is stay the course. in some ways, we do our best in this sort of economy and this sort of volatile market. text mark is one of the benefits we offer. emily: your company was founded during a downturn, what comparisons do you see between then and now. sarah: some would say "better to be lucky than smart." when we launched, it was a downturn. we were able to move quickly. that holds true now as well. your last segment was on crypto and we are entering the crypto market, and i think there is a similar energy and where we are in the crypto space relative to where we were in the overall market a decade ago, when we were founded. emily: i know you are working on

a crypto product for launch later this year. what is your take on the broader crypto volatility and bitcoin at new lows? sarah: our view is that crypto continues to be an asset class for the long-term, and we think about it as a whole instead of the individual stories. bitcoin or the rest of the coins coming up behind, our view is long-term diversification in traditional finance and similarly in, and crypto. from an advisory standpoint, we believe this is not an all or nothing idea. we advise our clients to use -- keep less than 5% of their portfolios in crypto as a diversification play. emily: sam bateman free is interested in buying robinhood. what is your take on that? how does that change the game? sarah: particularly in 2021, self-directed trading got a lot of excitement, and some combination of crypto and

options and single stocks -- folks thought they were smarter and more informed, and they could play the market in a self-directed way. i think that often ends badly. in that market, we were preaching "eat your vegetables" while they were preaching "here is a piece of cake." on the other side, eating your vegetables feels good and tried and true. we are looking good in an advisory capacity. emily: is a recession inevitable in your view, and if so, when does it happen? sarah: i do not like to prognosticate on that. i think the monetary policy right now that the government is putting forth is important to control inflation and i think that is the number one object. -- number one objective. threading the needle is really the key.

whether or not that needle is going to be thread between employment and inflation and interest rates is really going to dictate what happens in the markets. emily: how do you thread the needle in portfolios? how do you invest for either scenario? sarah: i think trying not to overreact. for example, behaviorally, do not nudge customers to make too many moves. when we think of the savings rate environment right now and that going up, one of the things we are going to do is recommend cash in people's portfolios. but these are going to be modest changes at the margin. on average, over time -- that taking advantage of the tax tools that are available. we think there is a lot of good in diversification while we are seeing this market volatility. emily: sarah levy, ceo of that -- of betterment. thank you for taking the time to

join us. that does it for this edition of bloomberg technology. we will be back with a number of great guests tomorrow, including the ceo of peak, to talk about the travel season ahead of the fourth holiday. you can find us on your terminal, apple, spotify, iheart radio, and wherever you get your podcasts. i'm emily chang in san francisco. this is bloomberg. ♪

>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees.